“Can Brazil's leading independent broker become the full financial OS for Brazilian consumers and SMBs — spanning investing, banking, credit, cards, acquiring, and cross-border?”
Founded 2001 as an independent brokerage in Brazil, XP became the country's largest independent investment platform and went public on Nasdaq in 2019. It has since expanded well beyond brokerage into banking, credit cards, insurance, and international investing (via XP International US). In 2025-2026 it moved into merchant acquiring / card machines, directly challenging Stone and Cielo — signaling ambitions to be a full-service financial platform, not just a wealth manager.
XP Private Bank discloses XP (in-house) as its banking provider, according to the Embedded Finance Index 2026.
XP Private Bank does not disclose a bank charter of its own; its banking services are provided through XP (in-house).
XP Private Bank processes payments through XP Acquiring (self-operated).
XP Private Bank's cards are issued through XP (in-house).
XP Private Bank's lending and capital products are provided by XP (in-house).
XP Private Bank connects to bank accounts through Pluggy and Lunch Flow.
XP Private Bank's embedded insurance is provided by XP (in-house).
XP Private Bank's investing and wealth products are powered by XP (in-house).
The Embedded Finance Index 2026 maps 7 layers in XP Private Bank's stack: Payments / PSP (XP Acquiring (self-operated)); Banking / BaaS (XP (in-house)); Card issuing (XP (in-house)); Lending (XP (in-house), FIDC (Credit Rights Investment Fund) structuring, Receivables-backed credit facilities and XP Empresas working capital solutions); Insurance (XP (in-house)); Open banking (Pluggy and Lunch Flow); Investing (XP (in-house)).
XP Private Bank was founded by Guilherme Benchimol and Marcelo Maisonnave and is founded in 2001, headquartered in São Paulo, Brazil.
Get a read on where your own stack stands against XP Private Bank and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.